### $OXY USDT price prediction – 2 November 2026
My initial verdict: OXYUSDT is bearish on the 1-hour timeframe. The selling pressure is considerably stronger than in your previous AMGN chart.
Your Binance screenshot shows Occidental Petroleum's perpetual contract trading at $60.94, down 5.55% in 24 hours.
The important thing is that price is approaching its 24-hour low of $60.75. A breakdown below that level could trigger another downward move, but a sharp relief bounce is also possible after such a steep fall.
### 1\. Technical analysis – 1H
Last price
### $60.94
| Indicator | Value | Signal |
| ---------- | ------ | ---------- |
| EMA 7 | $61.68 | Bearish |
| EMA 25 | $62.87 | Bearish |
| EMA 99 | $63.48 | Bearish |
| Supertrend | $62.69 | Bearish |
| 24h high | $65.09 | Resistance |
| 24h low | $60.75 | Support |
Why bearish?
* Price is below all three EMAs.
* Supertrend is red and above price.
* Several strong red candles show aggressive selling.
* Price has reached $60.75, where buyers may attempt a recovery.
The chart does not yet show a confirmed bullish reversal.
### 2\. International oil market and war situation
There are two opposing forces affecting Occidental:
* Oil supply risk: The US-Israeli war with Iran and disruption around the Strait of Hormuz have reduced global oil supply buffers. Reuters reports that nearly one billion barrels have been drawn from global inventories. Reuters
* Diplomatic developments: On November 2, Reuters reported that oil fell more than 3% as Iran-Qatar negotiations raised hopes of reducing the conflict. Brent was around $109.75 and WTI around $100.69 in that report. MarketScreener UK
* OPEC+: The group kept December production targets unchanged, while supply disruptions remain a significant risk. CMB News +1
* US stock market: US shares recovered modestly as oil prices declined. AP News
My interpretation: The high oil price is supportive for Occidental's business, but falling crude prices today are a short-term negative for OXY sentiment.
### 3\. Company financial health and analyst ratings
Occidental Petroleum
There are some positive fundamentals behind OXY:
* Q2 2026 operating cash flow: $5.1 billion.
* Free cash flow before working capital: $3 billion.
* Principal debt reduced to $11.8 billion.
* Global production averaged 1.433 million barrels of oil equivalent per day. oxy.com
Analyst outlook:
### $70.40
Average 12-month analyst target
| Rating | Analysts |
| ------ | -------- |
| Buy | 9 |
| Hold | 11 |
| Sell | 0 |
20 analysts, according to Google Finance. Google Finance
Goldman Sachs recently raised its OXY target to $76, maintaining Buy. TipRanks
The next major catalyst is the Q3 earnings announcement, expected November 9, with the conference call scheduled for November 10. MarketBeat +1
### 4\. My price prediction
### Next 6–24 hours
### $59.46–$62.87
Estimated scenario range based on the supplied chart.
Important trading levels
| Level | Price |
| --------------------- | ------ |
| Major resistance | $63.48 |
| Resistance | $62.87 |
| Supertrend resistance | $62.69 |
| First resistance | $61.68 |
| Current | $60.94 |
| Immediate support | $60.75 |
| Lower support | $59.46 |
### Three possible scenarios
Bearish
55%
### $60.75 → $59.46
If $60.75 breaks with a strong 1H candle close, further downside becomes more likely.
Sideways
30%
### $60.75 → $62.00
Price consolidates while buyers attempt to recover.
Bullish recovery
15%
### $62.00 → $63.48
A strong recovery above $62.69 could change the short-term trend.
These probabilities are subjective estimates, not statistical forecasts.
### 5\. My trading strategy
Short-term bearish preference
* Short setup: Wait for a failed recovery around $61.68–$62.17.
* Short targets: $60.75, then $59.46.
* Stop-loss: Above $62.90, subject to entry and volatility.
* Long setup: Only consider after a confirmed 1H close above $62.69 and a successful retest.
Do not chase the falling price with high leverage. A sharp bounce can liquidate late short positions.
### Final verdict
My current preference is SHORT rather than LONG, but I would wait for confirmation rather than enter immediately at $60.94.
The longer-term analyst outlook is more positive than the short-term chart. Oil supply disruptions support Occidental's fundamentals, while today's crude-price decline is a near-term risk.
Tell me your holding period:
1\. How long will you hold OXY?
1 hour
4 hours
24 hours
7 days
2\. Your trading position
Already LONG
Already SHORT
Not entered yet
Submit
#USMidtermElections #BinanceRestores28FiatWithdrawals #BinanceProcesses$4.65BWithdrawals $OXY